Filinvest REIT’s IPO get PSE nod

MANILA, Philippines — Filinvest REIT Corp., formerly Cyberzone Properties Inc., has received the green light from the Philippine Stock Exchange Inc. to proceed with its initial public offering (IPO).

The P14.92 billion IPO of Filinvest Land Inc. is slated on Aug. 12.

The offer period will run from July 26 to Aug. 3 based on the latest timetable submitted to regulators.

Filinvest REIT Corp., will offer up to 1.6 billion common shares at a price of up to P8.30 per share, with an overallotment option of 163.4 million common shares. FLI currently owns the offer shares.

In total, the offer shares will represent approximately 36.74 percent of Filinvest REIT’s issued and outstanding capital stock after completion of the offer, assuming the full exercise of the overallotment option.

The company’s property portfolio consists of 17 Grade A office buildings on prime property totaling over 300,000 square meters of gross leasable area (GLA).

The 16 buildings are located in Northgate Cyberzone within Filinvest City in Alabang, while one is in the gateway of Cebu IT Park in Lahug, Cebu City.

Filinvest REIT’s sponsor, Filinvest Land meanwhile, has 14 operational office buildings and 11 more under construction located in key CBDs that may form additional pipeline acquisitions for the company. These buildings are expected to total approximately 315,000 square meters of GLA.

The company tapped BPI Capital Corp. and UBS AG Singapore as the joint global coordinators and bookrunners for the offer.

BPI Capital Corp. is the sole local coordinator and local lead underwriter, while UBS AG Singapore Branch is the international bookrunner.

China Bank Capital Corp. is also a local lead underwriter, while First Metro Investment Corp. and SB Capital Investment Corp. are local co-lead underwriters.

Article and Photo originally posted by Phil Star Global last July 14, 2021 12:00am and written by Iris Gonzales.